The Faywell: $124M equity placement & construction financing secured for premier transit-oriented development

CHICAGO, Jul. 14, 2025 – JLL Capital Markets announced today that it has arranged joint venture equity and secured construction financing to develop The Faywell, a 334-unit luxury multi-housing development in downtown Wheaton, Illinois.

JLL worked on behalf of Banner Real Estate Group to identify their institutional joint venture partner, and also represented the partnership in the arrangement of a non-recourse $84MM construction financing with PNC Bank.

The Faywell, located on a prime 2.59-acre transit-oriented parcel in downtown Wheaton, will offer unparalleled access to the Wheaton Metra station and walkability to all downtown amenities, including the village’s acclaimed French Market Pavilion that hosts 8,000 weekly attendees. The complex assemblage of 13 parcels across seven sellers, combined with an entitlement process that exceeded two years, highlights the significant barriers to entry in this affluent, sought-after suburb.

The seven-story development will feature 334 luxury rental units averaging 956 square feet, with a diverse mix of studios, one- and two-bedroom apartments and direct-entry townhomes. The property will include 4,504 square feet of ground-floor retail space fully leased to popular Chicago eatery Egg Harbor Café, which had an existing location on the site, and signed a new long-term lease.

"Securing a blue-chip partner in today's challenging capital markets is a significant endorsement of The Faywell's exceptional location, design, and the strength of the development team," said Director Mary Dooley. "This partnership not only reflects confidence in Wheaton and the broader Midwest multi-housing market, but also demonstrates that thoughtfully designed transit-oriented developments continue to attract sophisticated investment capital."

The project will feature exceptional amenities including three courtyards, a resort-style pool, hot tub, rooftop decks, fitness center, co-working space and 438 parking spaces. Construction is scheduled to begin in Q2 2025 with completion expected in Q1 2027.

JLL Capital Markets’ Debt and Equity Advisory team was led by Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 1989 and based in Chicago, Banner Real Estate Group and/or its affiliated entity(ies) (“Banner”) acquires, manages, and develops multifamily properties, acquires and develops self-storage properties, and acquires industrial properties, across the U.S. Banner is a family-owned, independent real estate investment firm led by an experienced, tenured team and a majority independent Board of Directors. With over $2 billion of investments since inception, Banner’s steadfast focus has been on capital preservation, value creation, and wealth generation for our high-net-worth investors, family offices, and institutional partners.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.